Due to fierce competition in the bicycle industry, 12 out of 17 dynamo-powered lamp distributors disappeared. SANYO, however, was still doing well. This success was directly the result of SANYO's emphasis on quality and performance, which was proven when its lamps took first place in a national performance contest. A letter from GHQ (General Headquarters of the Allied Forces) requesting five thousand bicycle lamps for export overseas was one of Toshio's greatest moments in business. After receiving the letter he went straight to the Houjo Plant where the lamps were produced and told the plant manager the news. They would now be selling their products overseas. Like schoolboys winning a championship game, they hugged and shouted in triumph. Toshio, who named his company SANYO (three oceans) with the aim of doing business across the world, felt as if one of his biggest dreams had finally come true. Overseas demand for SANYO lamps swiftly increased and in Southeast Asia, where they were particularly popular, SANYO succeeded in ousting other lamp manufactures from the market. Even domestically, SANYO controlled the lamp market with a share of 60%. Knowing that he would eventually have to go public to accumulate funds, Toshio founded SANYO Electric Co., Ltd. in April of 1950 and appointed himself president. Capital was raised and the new company took over all business related to dynamo-powered bicycle lamps. In June of the same year, the Korean War broke out. This war was to present Toshio with yet another major business crisis.